ING Groep NV Raises Holdings in Extra Space Storage Inc (NYSE:EXR)

Key Points

• ING Groep NV increased its holdings in Extra Space Storage Inc by 54.3%, buying an additional 14,693 shares, bringing its total to 41,768 shares valued at approximately $6.2 million.
• CEO Joseph D. Margolis sold 7,500 shares at an average price of $150.35, reducing his position by 21.58%, while remaining a significant shareholder with 27,260 shares.
• Analysts have mixed ratings on Extra Space Storage, with an average target price of $156.54 and several brokerages adjusting price objectives in response to market performance.

ING Groep NV lifted its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 54.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 41,768 shares of the real estate investment trust's stock after purchasing an additional 14,693 shares during the period. ING Groep NV's holdings in Extra Space Storage were worth $6,202,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. D.A. Davidson & CO. lifted its holdings in shares of Extra Space Storage by 7.2% during the 1st quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust's stock valued at $281,000 after purchasing an additional 127 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Extra Space Storage by 1.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock worth $3,285,000 after acquiring an additional 398 shares during the period. QRG Capital Management Inc. grew its stake in shares of Extra Space Storage by 21.4% during the 1st quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock worth $399,000 after purchasing an additional 474 shares during the period. Farther Finance Advisors LLC increased its holdings in Extra Space Storage by 24.3% in the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock valued at $216,000 after buying an additional 286 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in Extra Space Storage by 1,376.5% in the 1st quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust's stock worth $252,000 after purchasing an additional 1,583 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Performance

Shares of EXR stock traded up $0.27 during trading hours on Thursday, hitting $138.32. The stock had a trading volume of 828,454 shares, compared to its average volume of 1,362,118. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.33. The firm has a market capitalization of $29.36 billion, a PE ratio of 30.00, a PEG ratio of 3.35 and a beta of 1.07. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. The stock's 50 day moving average is $147.98 and its 200 day moving average is $147.99.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. During the same period last year, the business posted $2.06 EPS. Extra Space Storage's revenue was up 3.8% compared to the same quarter last year. As a group, research analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 annualized dividend and a yield of 4.7%. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Mizuho increased their price objective on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Benchmark reduced their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Finally, Bank of America boosted their target price on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $156.54.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.96% of the company's stock.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.